As a seasoned analyst with over three decades of experience in the finance industry, I’ve witnessed the evolution of payments from checks to credit cards, and now to digital assets. The partnership between Mastercard and Mercuryo is an exciting step forward in this journey.
Mastercard, a leading company in global transactions, is teaming up with Mercuryo, a provider of blockchain-based payment solutions, to introduce a Euro-linked debit card aimed at seamless crypto spending without the need for custody
On Thursday, September 5, Mastercard unveiled a new innovative debit card designed for users to manage their digital assets independently while using them in the physical world. This card empowers individuals to act as their own bank by safeguarding their cryptocurrency investments in Web3 wallets like MetaMask and Trust Wallet. By doing so, they can maintain ownership and control over their crypto holdings without involving intermediaries
From Pilot to Global Rollout
Over 100 million merchants worldwide currently accept Mastercard, all part of the company’s global payments network. This means that users can utilize cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), kept in Web3 wallets, to make purchases wherever Mastercard is recognized
Starting in August 2024, Mastercard embarked on a journey with MetaMask by conducting a pilot project for non-custodial cryptocurrency spending. After successfully wrapping up this test phase, they have now teamed up with Mercuryo to introduce a debit card that operates in euros to the public market
Mercuryo will manage the card’s underlying system, making sure that users can have a smooth transaction process when using cryptocurrencies for purchases. Christian Rau, Mastercard’s senior vice president, stated that partnering with Mercuryo bridges the gap between conventional finance and the crypto market
“By partnering with Mercuryo, we’re removing the typical hurdles between traditional payments and blockchain transactions, offering a simple, trustworthy, and secure method for consumers to spend their digital assets at any location that accepts Mastercard,” he emphasized
Payment Structure for New Mastercard Debit Card
Although Mastercard’s service is available worldwide, it’s important to note that there are associated charges. Users can expect an initial €1.6 issuance fee, a regular €1 monthly maintenance fee, and a 0.95% withdrawal fee, which is levied by Mercuryo
The charges you see are built into the system that runs the card, enabling seamless transactions and empowering users to manage their digital resources effectively
Mastercard’s collaboration with Mercuryo is an expansion of their dedication towards facilitating non-custodial spending. Raj Dhamodharan, a high-ranking executive at Mastercard, shares this viewpoint, further stating that Mastercard is now prioritizing self-custody solutions to streamline the process of buying and selling cryptocurrencies without depending on centralized trading platforms
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In February 2021, Mastercard stepped into the world of cryptocurrencies and has been dedicated to offering smooth payment services ever since. Established back in 1966, this company is now collaborating with several crypto partners like Coinbase, Circle Financial, Alchemy Pay, and Moon Pay
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2024-09-05 18:25